Cow Peas Market in South Korea
Market Overview
The South Korean cow peas market declined to $
in , with a decrease of -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a abrupt slump. As a result, consumption attained the peak level of $. From 2018 to , the growth of the market failed to regain momentum.
in , with a decrease of -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a abrupt slump. As a result, consumption attained the peak level of $. From 2018 to , the growth of the market failed to regain momentum.Consumption
In , consumption of cow peas (dry) increased by % to tons, rising for the second consecutive year after three years of decline. Over the period under review, consumption, however, showed a abrupt shrinkage. Over the period under review, consumption attained the peak volume at tons in 2009; however, from 2010 to , consumption remained at a lower figure.
The revenue of the cow peas market in South Korea reduced to $ in , waning by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a abrupt curtailment. As a result, consumption reached the peak level of $. From 2018 to , the growth of the market failed to regain momentum.
, consumption of cow peas (dry) increased by % to tons, rising for the second consecutive year after three years of decline. Over the period under review, consumption, however, showed a abrupt shrinkage. Over the period under review, consumption attained the peak volume at tons in 2009; however, from 2010 to , consumption remained at a lower figure.The revenue of the cow peas market in South Korea reduced to $
in , waning by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a abrupt curtailment. As a result, consumption reached the peak level of $. From 2018 to , the growth of the market failed to regain momentum.Market Forecast
Depressed by shrinking demand for cow peas in South Korea, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to tons by the end of .
In value terms, the market is forecast to contract with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .
% for the period from to , which is projected to depress the market volume to tons by the end of .In value terms, the market is forecast to contract with an anticipated CAGR of +
% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .Market Structure
Cow peas market in South Korea consists almost entirely of imported products. In recent years, import price have increased sharply. Despite the hike in price, South Korea relies completely on foreign supplies: the volume of domestic output remains insufficient to satiate market demand.
Trade Balance
South Korea remains a net importer of cow peas; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
. In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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